IRS Publication 590 | Ed Slott and Company, LLC

IRS Publication 590

How to Invest in Gold in Your IRA

Have you seen or read those ads for putting gold in your IRA? They make it sound so easy. And that's the problem. In this article, we discuss the potential pitfalls and how to properly invest in gold with your IRA.

Should I Make Non-Deductible Contributions to an IRA or Roth IRA?

This week's Slott Report Mailbag looks at how the qualified reservist distribution works and answers a question on whether to make non-deductible contributions to a Traditional IRA or Roth IRA.

Updated IRS Publications Now Available

IRS has updated several retirement-related publications. They are now available on the IRS website, under Forms and Pubs. They will all say that they are updated for 2014 so you can use them in preparing your 2014 federal income tax return. However, they also will have the current contribution limits and other necessary information for this year.

Can You Contribute to a Roth 401(k) and Roth IRA in the Same Year?

Can you contribute to a Roth IRA if you are already allocating salary deferrals to a Roth 401(k)? We provide the answer and look at the contribution requirements for both Traditional and Roth IRAs.

Investing in Coins Inside Your IRA

You are not allowed to invest your IRA money in collectibles such as artwork, rugs, stamps, gems, alcoholic beverages such as fine wine, and antiques. If you invest any part of your IRA in a collectible, you will get a tax bill for it. The Tax Code treats your investment in a collectible as a distribution, which means it’s taxable to you. Also, if you’re under age 59 ½ at the time of the investment, the deemed distribution will be subject to the 10% early distribution penalty tax too. The entire value of your IRA is not deemed distributed to you, only the amount invested in the collectible is taxable.

New Version of IRS Publication 590 for IRAs

The new version of IRS Publication 590, Individual Retirement Arrangements (IRAs) for use in preparing 2013 tax returns, has been released by the IRS. It’s used by taxpayers and tax preparers when filing 2013 federal income tax returns.

Reinvesting Your Required Minimum Distribution

You have inherited an IRA or you have turned age 70 ½ and now have to take required distributions (RMDs). But you don't need (a relative term of course) the money and you would rather not pay the tax on money you don't need. So what can you do? Click to find out.

Government Shutdown: Are You on Furlough and Thinking About Taking an IRA Distribution?

If you are on furlough thanks to the government shutdown and thinking about taking a distribution from your IRA, here are some things you need to know.

A Medicaid and Roth IRA Planning Horror Story

An attorney's client has a couple of small IRA accounts. He is not currently working. There is a possibility that he may need to qualify for Medicaid in the future. He has a large amount of cash just lying around. The attorney's idea? Just tuck the cash into a Roth IRA. After all, it is after-tax money so what's the problem? We explain below.

Slott Report Mailbag: Going Back to the IRA Basics

ed slott IRA, retirement planning, tax questions
It's fitting and all. School is in session or about to begin for many, so this week's Slott Report Mailbag provides the syllabus for IRAs 101, answering consumer questions on some of the IRA nuts-and-bolts you and your financial team must know to properly open, manage and distribute from an IRA.

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